Naughten attending global climate summit in Paris

International News

International News

The idea is that companies will heed the concerns of major funds because they don't want to be considered a bad investment due to the financial risks that climate change might pose for their business.

Donald Trump, president of the United States, has vowed to withdraw his country from the agreement, but this action can not take effect until November 2020, the day after that year's U.S. presidential election.

The former NY mayor and Mark Carney, the governor of the Bank of England and chairman of the Financial Stability Board, said Tuesday that the number of companies supporting the program had more than doubled since its recommendations were first published in June.

"This year's barrage of climate disasters showed that poor communities are often completely unprepared to deal with extreme weather".

More than 200 institutional investors with $26 trillion in assets under management said on Tuesday they would step up pressure on the world's biggest corporate greenhouse gas emitters to combat climate change.

Adesina further disclosed that the summit was jointly being organised by the United Nations, the World Bank Group, and the French Government in partnership with non-governmental organizations.

Another key focus of the summit is to develop a global action plan to reduce greenhouse gas emissions from worldwide shipping in 2018.

He said: "We are losing the battle".

Such measures can work, they said.

"Despite the hype, the One Planet summit is delivering little for the world's people who are the most vulnerable to climate change", said Brandon Wu, director of policy and campaigns at ActionAid USA.

Macron announced the recipients of the Make Our Planet Great Again grants the day before the start of the One Planet Summit in Paris. Macron told French daily Le Monde that he doesn't favour outright bans on gasoline vehicles, for example, but rather financial incentives for companies to invest in renewable energy.

With the theme, 'Climate Change Financing, ' the summit was reportedly attended by over 60 heads of state and government and representatives of non-governmental and private organisations.

Speaking ahead of the trip, the Prime Minister said: "Tackling climate change and mitigating its effects for the world's poorest are among the most critical challenges we face".

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